Essex County vs. Massachusetts
Comparative Trends Analysis:
Total Industry Earnings Growth and Change, 1969-2022
Introduction
Essex County vs. Massachusetts
Essex County:
2022 Earnings = $34,558,059K
2022 Percent of State = 7.76%
Massachusetts:
2022 Earnings = $445,079,998K
2022 Percent of U.S. = 2.93%
Industry earnings are incomes received by people who are directly involved with producing goods and services. Earnings, referred to also as "labor and proprietors income", include (1) wage and salary disbursements, (2) other labor income such as employer contributions to private retirement and medical insurance programs, and (3) the net incomes of proprietors (i.e., the owners of unincorporated enterprises).
In contrast to the more frequently cited employment data, earnings data more accurately reflect qualitative differences in labor's contributions toward the production of goods and services, namely the productivity differences reflected in variations in earnings per job. Earnings data, therefore, are better for comparing and tracking long-term trends and identifying short-run shifts in the level and composition of economic activity within and among counties.
Just like the employment data compiled by BEA, earnings data are reported on a place-of-work, or more accurately on a place-where-earned, basis.
Note: the BEA earnings data presented and discussed here in the context of comparing and assessing the economic growth and performance of county and regional economies are entirely separate and apart from--and should not be confused with--corporate earnings, which are compiled from the balance sheets of individual private corporations.
Essex County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Essex County Total Industry Earnings, 1970-2022
Current vs. Constant Dollars (Millions)
Figure 1.
Figure 1 depicts Essex County's annual total industry earnings over 1970-2022 in current and constant (2017) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real purchasing power of Essex County over time.
When measured in current dollars, Essex County's total industry earnings increased 1,709.62%, from $1,910M in 1970 to $34,558M in 2022. When measured in constant 2017 dollars to adjust for inflation, it advanced 208.24%, from $9,661M in 1970 to $29,780M in 2022.
Real Total Industry Earnings, 1969-2022 (Millions)
Real Total Industry Earnings, 1969-2022 (Millions)
Figure 2.
Figure 2 tracks Essex County's and Massachusetts' annual real total industry earnings for the period 1969-2022 to illustrate real total industry earnings patterns over time. During this 54-year period, Essex County's real total industry earnings rose from $9,490M in 1969 to $29,780M in 2022, for a net gain of $20,290M, or 213.81%. In comparison, Massachusetts' real total industry earnings advanced from $103,043M in 1969 to $383,547M in 2022, for a net advance of $280,504M, or 272.22%.
Real Total Industry Earnings Indices (1969=100): 1969-2022
Real Total Industry Earnings Indices (1969=100): 1969-2022
Figure 3.
Figure 3 portrays Essex County's real total industry earnings growth in a broader context by offering direct comparisons across time with Massachusetts, the United States. The growth indices shown here express each region's real total industry earnings in 1969 as a base figure of 100, and the real total industry earningss in later years as a percentage of the 1969 base figure. This method allows for more direct comparison of differences in real total industry earnings growth between regions that may differ vastly in size.
Essex County's overall real total industry earnings growth was 213.81% over 1969-2022 trailed Massachusetts' increase of 272.22%, and fell below the United States' increase of 278.59%.
Total Industry Earnings as a Percent of the Massachusetts Total: 1969-2022
Total Industry Earnings as a Percent of the Massachusetts Total: 1969-2022
Figure 4.
Another interesting and insightful way of highlighting the total industry earnings growth of Essex County is to compare its individual percentage contributions to Massachusetts' statewide total industry earnings over time, as shown in Figure 4. A rising share means a region's total industry earnings grew faster, or declined less, than Massachusetts' total industry earnings, while a declining share shows it grew more slowly.
In 1969, Essex County's total industry earnings comprised 9.21% of Massachusetts' total industry earnings, while in 2022 it equated to 7.76% thereby yielding a -1.45% share-shift.
   
 
Total Industry Earnings Share-Shift
2022 vs. 1969
 
Share-
Shift*
 
2022
vs.
1969
-1.45%
=
7.76%
-
9.21%
 
   
Essex County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Essex County Real Total Industry Earnings:
Annual Percent Change, 1970-2022
Figure 5.
Figure 5 highlights the short-run pattern of Essex County's real total industry earnings growth by tracking the year-to-year percent change over 1970-2022. The average annual percent change for the entire 53-year period is also traced on this chart to provide a benchmark for gauging periods of relative high--and relative low--growth against the backdrop of the long-term average.
On average, Essex County's real total industry earnings grew at an annual rate of 2.23% over 1970-2022. The county posted its highest growth in 1984 (10.90%) and posted its lowest growth in 1990 (-4.56%). In 2022, Essex County's real total industry earnings declined by -1.55%
Essex County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Essex County Real Total Industry Earnings:
Annual Percent Change and Decade Averages Over 1970-2022
Figure 6.
Over the past five decades some counties have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 6 again shows the annual percent change in Essex County's real total industry earnings since 1970, but this time they are overlayed with average growth rates for the decade of the 1970s, 1980s, 1990s, 2000s, 2010s, and 2020-2022.
During the 1970s, Essex County's annual real total industry earnings growth rate averaged 1.59%. It averaged 4.06% in the 1980s, 2.41% in the 1990s, 1.53% in the 2000s, 2.25% in the 2010s, -0.10% thus far this decade (2020-2022).
Real Total Industry Earnings Growth:
Average Annual Percent Change by Decade
Real Total Industry Earnings Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Essex County noted in the previous graph with the corresponding decade averages for Massachusetts and the nation. As the chart reveals, Essex County's average annual real total industry earnings growth trailed Massachusetts' average throughout the 1970s (1.59% vs. 1.82%), trailed Massachusetts' average throughout the 1980s (4.06% vs. 4.26%), amounted to less than Massachusetts' average throughout the 1990s (2.41% vs. 2.81%), posted below Massachusetts' average in the 2000s (1.53% vs. 1.61%), trailed Massachusetts' average throughout the 2010s (2.25% vs. 2.80%), and recorded under Massachusetts' average over the 3 year period of the current decade, 2020-2022 (-0.10% vs. 0.86%).
Finally, relative to nationwide real total industry earnings growth trends, Essex County trailed the nation throughout the 1970s (1.59% vs. 3.13%), exceeded the nation throughout the 1980s (4.06% vs. 2.62%), recorded underneath the nation throughout the 1990s (2.41% vs. 3.43%), outgained the nation throughout the 2000s (1.53% vs. 1.47%), lagged the nation over the 2010s (2.25% vs. 2.53%), and fell under the nation over 2020-2022 (-0.10% vs. 1.48%).
   
 
Real* Total Industry Earnings Growth:
Average Annual Percent Change
 
 
 
2.23
1.59
4.06
2.41
1.53
2.25
-0.10
-1.55
 
2.56
1.82
4.26
2.81
1.61
2.80
0.86
-1.11
 
2.57
3.13
2.62
3.43
1.47
2.53
1.48
0.05
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
Essex County:
Total Industry Earnings, 1969-2022
 
1969
 
1,791,982
0.189
9,489,922
100.0
N
9.21
1970
 
1,909,687
0.198
9,661,474
101.8
1.81
9.20
1971
 
2,027,155
0.206
9,838,170
103.7
1.83
9.24
1972
 
2,191,992
0.213
10,287,179
108.4
4.56
9.20
1973
 
2,438,203
0.225
10,858,174
114.4
5.55
9.36
1974
 
2,577,379
0.248
10,395,591
109.5
-4.26
9.33
1975
 
2,685,516
0.269
9,998,198
105.4
-3.82
9.34
1976
 
2,891,809
0.283
10,206,505
107.6
2.08
9.24
1977
 
3,136,678
0.302
10,394,612
109.5
1.84
9.11
1978
 
3,498,110
0.323
10,838,115
114.2
4.27
9.08
1979
 
3,885,813
0.351
11,057,147
116.5
2.02
9.00
1980
 
4,349,914
0.389
11,174,255
117.7
1.06
9.10
1981
 
4,790,259
0.424
11,293,785
119.0
1.07
9.15
1982
 
5,078,948
0.448
11,344,281
119.5
0.45
9.02
1983
 
5,580,093
0.467
11,954,951
126.0
5.38
8.99
1984
 
6,422,120
0.484
13,258,160
139.7
10.90
9.08
1985
 
7,103,281
0.501
14,170,286
149.3
6.88
9.16
1986
 
7,704,492
0.512
15,042,254
158.5
6.15
9.13
1987
 
8,246,603
0.528
15,617,975
164.6
3.83
8.91
1988
 
8,965,687
0.549
16,341,360
172.2
4.63
8.79
1989
 
9,382,042
0.573
16,384,698
172.7
0.27
8.84
1990
 
9,347,344
0.598
15,637,547
164.8
-4.56
8.70
1991
 
9,351,383
0.618
15,138,056
159.5
-3.19
8.70
1992
 
9,971,150
0.634
15,722,406
165.7
3.86
8.75
1993
 
10,374,385
0.650
15,960,592
168.2
1.51
8.73
1994
 
10,880,270
0.664
16,396,814
172.8
2.73
8.70
1995
 
11,569,955
0.678
17,076,416
179.9
4.14
8.79
1996
 
12,295,944
0.692
17,767,935
187.2
4.05
8.75
1997
 
12,913,729
0.704
18,341,541
193.3
3.23
8.60
1998
 
13,625,188
0.710
19,199,329
202.3
4.68
8.49
1999
 
14,884,718
0.720
20,672,932
217.8
7.68
8.50
2000
 
16,671,222
0.738
22,583,000
238.0
9.24
8.48
2001
 
17,211,059
0.753
22,856,045
240.8
1.21
8.47
2002
 
17,269,711
0.763
22,636,629
238.5
-0.96
8.55
2003
 
17,780,414
0.779
22,826,423
240.5
0.84
8.68
2004
 
18,476,812
0.798
23,146,068
243.9
1.40
8.48
2005
 
19,108,400
0.821
23,266,892
245.2
0.52
8.51
2006
 
20,072,219
0.844
23,770,984
250.5
2.17
8.47
2007
 
20,842,103
0.866
24,065,148
253.6
1.24
8.38
2008
 
21,257,628
0.892
23,839,439
251.2
-0.94
8.35
2009
 
21,318,321
0.889
23,974,450
252.6
0.57
8.44
2010
 
22,552,948
0.905
24,916,530
262.6
3.93
8.44
2011
 
23,458,264
0.928
25,277,212
266.4
1.45
8.49
2012
 
24,105,293
0.945
25,499,072
268.7
0.88
8.47
2013
 
24,631,391
0.958
25,716,364
271.0
0.85
8.44
2014
 
25,380,988
0.971
26,133,368
275.4
1.62
8.39
2015
 
26,741,324
0.973
27,483,658
289.6
5.17
8.35
2016
 
27,625,732
0.983
28,108,066
296.2
2.27
8.34
2017
 
29,058,919
1.000
29,058,919
306.2
3.38
8.35
2018
 
30,172,997
1.020
29,567,745
311.6
1.75
8.24
2019
 
30,972,604
1.035
29,921,463
315.3
1.20
8.00
2020
 
30,245,321
1.046
28,905,549
304.6
-3.40
7.72
2021
 
32,971,672
1.090
30,248,963
318.7
4.65
7.80
2022
 
34,558,059
1.160
29,780,391
313.8
-1.55
7.76
Source: Calculations by the Massachusetts Regional Economic Analysis Project (MA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_1200_PSN
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
Massachusetts:
Total Industry Earnings, 1969-2022
 
1969
 
19,457,648
0.189
103,043,203
100.0
N
2.98
1970
 
20,760,957
0.198
105,033,679
101.9
1.93
2.99
1971
 
21,948,430
0.206
106,519,922
103.4
1.42
2.96
1972
 
23,826,454
0.213
111,819,289
108.5
4.98
2.91
1973
 
26,038,552
0.225
115,958,815
112.5
3.70
2.83
1974
 
27,629,787
0.248
111,441,887
108.2
-3.90
2.78
1975
 
28,745,602
0.269
107,020,112
103.9
-3.97
2.71
1976
 
31,294,939
0.283
110,454,025
107.2
3.21
2.67
1977
 
34,414,258
0.302
114,045,129
110.7
3.25
2.64
1978
 
38,541,578
0.323
119,412,498
115.9
4.71
2.61
1979
 
43,151,861
0.351
122,789,349
119.2
2.83
2.62
1980
 
47,789,391
0.389
122,763,540
119.1
-0.02
2.68
1981
 
52,378,299
0.424
123,490,037
119.8
0.59
2.67
1982
 
56,301,250
0.448
125,753,836
122.0
1.83
2.74
1983
 
62,082,041
0.467
133,006,344
129.1
5.77
2.84
1984
 
70,711,393
0.484
145,980,291
141.7
9.75
2.91
1985
 
77,563,517
0.501
154,730,923
150.2
5.99
2.97
1986
 
84,349,923
0.512
164,684,830
159.8
6.43
3.03
1987
 
92,605,000
0.528
175,381,614
170.2
6.50
3.09
1988
 
102,010,113
0.549
185,929,305
180.4
6.01
3.13
1989
 
106,183,300
0.573
185,437,383
180.0
-0.26
3.06
1990
 
107,450,489
0.598
179,758,242
174.4
-3.06
2.92
1991
 
107,436,080
0.618
173,917,959
168.8
-3.25
2.84
1992
 
113,960,272
0.634
179,691,378
174.4
3.32
2.81
1993
 
118,781,496
0.650
182,740,763
177.3
1.70
2.80
1994
 
124,993,808
0.664
188,368,509
182.8
3.08
2.80
1995
 
131,613,305
0.678
194,251,712
188.5
3.12
2.82
1996
 
140,454,985
0.692
202,960,833
197.0
4.48
2.83
1997
 
150,083,813
0.704
213,166,039
206.9
5.03
2.84
1998
 
160,568,424
0.710
226,257,872
219.6
6.14
2.81
1999
 
175,166,721
0.720
243,283,734
236.1
7.52
2.87
2000
 
196,653,749
0.738
266,389,083
258.5
9.50
2.98
2001
 
203,141,126
0.753
269,768,567
261.8
1.27
2.96
2002
 
201,938,218
0.763
264,694,680
256.9
-1.88
2.88
2003
 
204,820,532
0.779
262,947,765
255.2
-0.66
2.83
2004
 
218,013,872
0.798
273,107,936
265.0
3.86
2.84
2005
 
224,418,919
0.821
273,258,391
265.2
0.06
2.79
2006
 
237,058,583
0.844
280,742,045
272.5
2.74
2.78
2007
 
248,735,374
0.866
287,200,081
278.7
2.30
2.81
2008
 
254,508,139
0.892
285,419,019
277.0
-0.62
2.82
2009
 
252,698,874
0.889
284,183,572
275.8
-0.43
2.91
2010
 
267,241,166
0.905
295,248,432
286.5
3.89
2.96
2011
 
276,390,014
0.928
297,821,230
289.0
0.87
2.93
2012
 
284,729,559
0.945
301,192,755
292.3
1.13
2.89
2013
 
291,918,987
0.958
304,777,552
295.8
1.19
2.87
2014
 
302,431,545
0.971
311,396,655
302.2
2.17
2.85
2015
 
320,277,495
0.973
329,168,332
319.4
5.71
2.90
2016
 
331,240,759
0.983
337,024,092
327.1
2.39
2.93
2017
 
348,207,342
1.000
348,207,342
337.9
3.32
2.94
2018
 
366,283,050
1.020
358,935,638
348.3
3.08
2.94
2019
 
387,203,721
1.035
374,062,892
363.0
4.21
2.98
2020
 
391,972,102
1.046
374,608,976
363.5
0.15
2.98
2021
 
422,784,131
1.090
387,871,791
376.4
3.54
2.96
2022
 
445,079,998
1.160
383,547,476
372.2
-1.11
2.93
Source: Calculations by the Massachusetts Regional Economic Analysis Project (MA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_1200_PSN
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
United States:
Total Industry Earnings, 1969-2022
 
1969
 
653,665,000
0.189
3,461,658,635
100.0
N
1970
 
693,352,000
0.198
3,507,801,275
101.3
1.33
1971
 
742,094,000
0.206
3,601,523,902
104.0
2.67
1972
 
819,646,000
0.213
3,846,658,532
111.1
6.81
1973
 
918,964,000
0.225
4,092,469,383
118.2
6.39
1974
 
993,909,000
0.248
4,008,829,105
115.8
-2.04
1975
 
1,059,492,000
0.269
3,944,497,394
113.9
-1.60
1976
 
1,173,271,000
0.283
4,141,005,188
119.6
4.98
1977
 
1,303,767,000
0.302
4,320,542,816
124.8
4.34
1978
 
1,476,080,000
0.323
4,573,305,242
132.1
5.85
1979
 
1,648,363,000
0.351
4,690,444,754
135.5
2.56
1980
 
1,784,597,000
0.389
4,584,353,165
132.4
-2.26
1981
 
1,961,173,000
0.424
4,623,772,250
133.6
0.86
1982
 
2,053,729,000
0.448
4,587,185,902
132.5
-0.79
1983
 
2,188,018,000
0.467
4,687,672,466
135.4
2.19
1984
 
2,432,402,000
0.484
5,021,577,654
145.1
7.12
1985
 
2,615,791,000
0.501
5,218,223,348
150.7
3.92
1986
 
2,786,901,000
0.512
5,441,146,840
157.2
4.27
1987
 
2,996,000,000
0.528
5,674,027,499
163.9
4.28
1988
 
3,259,979,000
0.549
5,941,819,010
171.6
4.72
1989
 
3,467,027,000
0.573
6,054,778,994
174.9
1.90
1990
 
3,679,460,000
0.598
6,155,516,520
177.8
1.66
1991
 
3,789,428,000
0.618
6,134,341,309
177.2
-0.34
1992
 
4,059,023,000
0.634
6,400,225,481
184.9
4.33
1993
 
4,237,437,000
0.650
6,519,133,846
188.3
1.86
1994
 
4,456,948,000
0.664
6,716,721,924
194.0
3.03
1995
 
4,674,849,000
0.678
6,899,738,761
199.3
2.72
1996
 
4,956,180,000
0.692
7,161,799,344
206.9
3.80
1997
 
5,288,047,000
0.704
7,510,683,597
217.0
4.87
1998
 
5,707,014,000
0.710
8,041,785,619
232.3
7.07
1999
 
6,098,042,000
0.720
8,469,385,147
244.7
5.32
2000
 
6,598,743,000
0.738
8,938,721,519
258.2
5.54
2001
 
6,865,291,000
0.753
9,117,010,172
263.4
1.99
2002
 
7,001,002,000
0.763
9,176,707,606
265.1
0.65
2003
 
7,243,377,000
0.779
9,299,017,896
268.6
1.33
2004
 
7,674,785,000
0.798
9,614,272,113
277.7
3.39
2005
 
8,039,238,000
0.821
9,788,788,097
282.8
1.82
2006
 
8,519,349,000
0.844
10,089,233,775
291.5
3.07
2007
 
8,866,261,000
0.866
10,237,349,175
295.7
1.47
2008
 
9,014,085,000
0.892
10,108,876,304
292.0
-1.25
2009
 
8,688,913,000
0.889
9,771,497,172
282.3
-3.34
2010
 
9,023,916,000
0.905
9,969,635,637
288.0
2.03
2011
 
9,444,387,000
0.928
10,176,702,513
294.0
2.08
2012
 
9,854,834,000
0.945
10,424,645,101
301.1
2.44
2013
 
10,180,570,000
0.958
10,629,007,841
307.0
1.96
2014
 
10,613,874,000
0.971
10,928,505,678
315.7
2.82
2015
 
11,039,821,000
0.973
11,346,284,134
327.8
3.82
2016
 
11,311,477,000
0.983
11,508,970,941
332.5
1.43
2017
 
11,848,205,000
1.000
11,848,205,000
342.3
2.95
2018
 
12,438,590,000
1.020
12,189,079,542
352.1
2.88
2019
 
12,989,097,000
1.035
12,548,276,062
362.5
2.95
2020
 
13,158,025,000
1.046
12,575,166,053
363.3
0.21
2021
 
14,278,043,000
1.090
13,099,001,844
378.4
4.17
2022
 
15,207,952,000
1.160
13,105,445,395
378.6
0.05
Source: Calculations by the Massachusetts Regional Economic Analysis Project (MA-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_CA1400_1200_PN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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